Forklift Battery Market Size

Forklift Battery Market size was valued at USD 6.18 billion in 2023 and is expected to reach USD 13.67 billion by 2036, expanding at around 6.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of forklift battery is assessed at USD 6.49 billion.

The forklift battery market is anticipated to grow on account of high demand for forklifts by several end user industries which in turn increases the requirement for battery to run the forklift. Increasing innovations in batteries, such as high storage capacity and long battery life which enhances battery effectiveness is further promoting the demand for forklift batteries amongst the end users. Owing to the expansion of warehouses and the growing need for forklifts in retail stores and distribution hubs, the market for forklift battery is anticipated to grow steadily over the forecast period.